RAM Ratings has reaffirmed the AA3 long-term rating of Kesas’ MYR 800 million Al-Bai’ Bithaman Ajil Islamic Debt Securities while revising its rating outlook to stable from negative. Kesas is the toll concessionaire for the 35-km Shah Alam Expressway (the Highway) under a concession agreement dated 19 November 1993.
RAM’s rating action follows the Government’s recent announcement that Kesas will receive an MYR 86 million cash compensation for non-revision of its toll rates in 2012. At the same time, toll rates for the Highway would be reduced effective 15 January 2013 while tariffs would not be raised until 2016 (the toll rate for Class 1 vehicles has already been lowered from MYR 2.20 to MYR 2.00)...............................................Full Article: Source